UNITED STATES OF AMERICA
Before the
COMMODITY FUTURES TRADING COMMISSION

MICHAEL G. FRAINA

v.

CFTC DOCKET NO. 97-E-7

CITRUS ASSOCIATES OF THE

NEW YORK COTTON
EXCHANGE ORDER OF
SUMMARY
AFFIRMANCE

Our review of the record and the parties' appellate submissions
establishes that the findings and conclusions of the Citrus Associates of
the New York Cotton Exchange, Inc. ("Exchange") are supported
by substantial evidence and that the Exchange action otherwise accords
with the standards of Commission Rule 9.33(c), 17 C.F.R. 9.33(c) (1997).
We further conclude that the Exchange committed no error material to the
outcome of this proceeding and that the parties have not raised important
questions of law or policy meriting extended discussion. Accordingly, we
affirm the Exchange's decision.

IT IS SO ORDERED.

By the Commission (Chairperson BORN, and Commissioners DIAL, TULL, HOLUM,
and SPEARS).